"五强"格局稳固 2025年，中国汽车"自主五强"的销量格局保持稳固，而增长动能的来源——新能源与海外市场， 成为衡量企业发展速度与质量的关键标尺。 比亚迪继续锁定全球新能源汽车销量"冠军"宝座，全年销量达460.24万辆，同比增长7.73%持续 领跑中国市场。不过，比亚迪的增长结构发生了历史性转变：纯电动汽车全球销量达到约225.7万 辆，不仅实现了27.9%的同比增长，更在规模上超越了特斯拉。插混车型销量则减少了约20万 辆。 海外市场成为比亚迪最强劲的增长极，其产品已覆盖全球六大洲超过110个国家和地区，乘用车和 皮卡海外销售104.96万辆，同比增长145%，稳居中国整车出口前列。比亚迪的规模效应和品牌 影响力正在全球市场持续放大。 单个品牌方面，比亚迪品牌（王朝网+海洋网）销量约为410万辆，同比去年的427.21万辆有所下 滑。方程豹2025年销售23.46万辆，同比增长345.5%，正式进入规模化运营阶段。腾势汽车也 表现不俗，2025年累计销量15.71万辆，同比增长24.7%。 从吉利汽车喊出"一个吉利"的回归号角，到奇瑞集团为国内业 务动起整合手术；从比亚迪的船队扬帆远航至全球，到长安汽 ...

行 业 研 究 [Table_Reportdate] 2026年01月09日 [table_invest] 标配 行 业 深 度 [证券分析师 Table_Authors] 陈芯楠 S0630525090001 cxn@longone.com.cn [table_stockTrend] -15% -5% 4% 14% 24% 34% 44% 25-01 25-04 25-07 25-10 申万行业指数:汽车(0728) 沪深300 [相关研究 table_product] 1.长安汽车（000625）：2025Q3营收 同环比增长，智驾、机器人发展规划 清晰 ——公司简评报告 2.继峰股份（603997）：2025Q3归母 净利环比高增，乘用车座椅订单持续 放量——公司简评报告 3.保隆科技（603197）：2025Q3毛利 率环比修复，业绩静待Q4订单释放 ——公司简评报告 [Table_NewTitle 出海引领，链动未来：奇瑞"技术筑基 ] + 电动智能+全球突破"下的产业链重构机 遇 ——汽车行业深度报告 [table_main] 投资要点： 证券研究报告 HTTP://WWW.LONGONE.COM ...

2025年，当尹同跃在港交所敲响那面铜锣时，资本市场听到的，可能不只是奇瑞上市的钟声，更是一个信号——那个埋头造了二十多年车、连续23年稳居中 国品牌乘用车出口榜首的"理工男"，开始认真地向外界展示自己赚钱的"新本事"。 2026年伊始，奇瑞集团用一份实现"四大历史突破"的年终答卷，宣告了一个新阶段的开启。2025年，奇瑞集团全年卖出超过280.6万辆车，同比增长7.8%。 这张成绩单的"含金量"十足：出口卖了134.4万辆，连续23年当中国品牌乘用车出口第一；新能源车卖了90.38万辆，猛涨54.9%；还在J.D. Power的评选中， 包揽了新车质量、销售服务等五个核心项目的自主品牌冠军，成为唯一的自主"五冠王"。 这份成绩单的独特之处在于，它并非单一优势的放大，而是资本叙事、技术转型与全球战略协同共振的结果。资本市场开始意识到，奇瑞的故事不止是"卖 得多"和"出得去"那么简单了。奇瑞的增长正从过去的单点突破，转向"出口引领、新能源加速、多品牌协同、品质护航" 的多维均衡发展模式。 港股上市：是融资，更是价值重估的起点 2025年9月25日，奇瑞汽车登陆港交所。上市首日市值一度突破2000亿港元，募资91 ...

Core Viewpoint - Chery Commercial Vehicles aims to achieve a sales target of 1 million units and revenue of 200 billion by 2030, positioning itself as the leading brand in China's new energy commercial vehicle sector, supported by impressive growth metrics in 2025 [1][3]. Group 1: Strategic Goals - The "1221" strategy includes a goal to become the number one brand in China's new energy commercial vehicle market, emphasizing the importance of transformation in talent strategy and system construction [7]. - Chery Commercial Vehicles has set ambitious growth targets, with a projected 67% increase in sales, 86% in revenue, and 155% in exports by 2025 [1]. Group 2: Empowerment and Competitiveness - Chery Group's empowerment of the commercial vehicle sector is comprehensive, focusing on four key areas: technical capability, brand and market, supply chain system, and ecological system [5]. - The company has developed three core competitive advantages: product competitiveness, cost competitiveness, and innovation competitiveness, which are essential for its transformation into a global high-tech ecological group [6]. Group 3: Talent Strategy - Talent is viewed as the primary driving force for transformation, with a focus on a young, professional, international, and innovative talent philosophy [7][10]. - The company plans to expand its R&D team to over 2,500 by 2026, with a specific focus on enhancing capabilities in key technology areas [10]. Group 4: Innovation Systems - Chery has established a global innovation ecosystem comprising three core systems: technology innovation, cultural innovation, and management innovation [13]. - Management innovation includes process reform, digital transformation, and a flat organizational structure to enhance operational efficiency [13][15]. Group 5: Operational Value Enhancement - The company has integrated financial solutions to reduce costs and improve efficiency, such as a 15% reduction in financial costs for the heavy truck sector and a 50% increase in insurance efficiency for customers [14]. - Collaborative supply chain efforts have led to a 15% increase in production capacity utilization, showcasing the value of technology and digital integration [14].

"奇瑞的智能化要不客气了！"在2024年奇瑞全球创新大会上，董事长尹同跃继提升电动化转型速率后， 再度高调宣布奇瑞的转型决心。而奇瑞统一的智能化中心的成立，则是其在早期智能化道路不断探索布 局及试错后的直接结果，标志着奇瑞在长达数年的智能化分散探索后，开始走向集中统一。 早期探索与试错经验 早在2010年，当许多中国车企还在传统制造领域深耕时，奇瑞就在上海成立了智能化公司雄狮科技，布 局智能互联技术研发。2013年，艾瑞泽、瑞虎等核心系列产品就开始搭载各种智能车机体验。 2023年2月，面对吉利、长城等对手纷纷成立辅助驾驶业务部门或独立子公司的浪潮，奇瑞不甘落后地 成立了大卓智能，并邀请曾负责特斯拉、小鹏自动驾驶研发的谷俊丽出任CEO。这一动作曾被外界解读 为奇瑞在智能化领域"不客气"的初步体现。 【文/观察者网 潘昱辰 编辑/高莘】日前，有消息称前吉利汽车中央研究院核心人物胡伟龙将入职奇瑞 汽车，统筹奇瑞的辅助驾驶研发工作。而此前负责奇瑞智能化中心实际运营的谢保军，今后则将负责奇 瑞整车电子电器架构研发。 截至目前，奇瑞方面并未对此做出回复。不过就在今年5月，奇瑞曾宣布将旗下子公司雄狮科技、大卓 智能与研发 ...

Core Insights - Chery held the 2025 Global Innovation Conference in Wuhu, showcasing its latest achievements in electrification, connectivity, intelligence, and sharing, emphasizing its global competitiveness and future vision driven by innovation [1][6]. Group 1: Event Overview - The conference featured prominent guests, including academicians from various international institutions, leaders from automotive associations, and executives from industry partners [3]. - Chery aims to establish itself as a global high-tech ecological group that is favored and trusted by users [4]. Group 2: Achievements and Market Position - Chery reported significant historical breakthroughs in five areas: sales scale, new energy, exports, brand recognition, and capital market performance, with over 17.72 million global users, including more than 5.43 million overseas users [6]. - The company emphasizes sustainable globalization, focusing on user affordability, reliable quality, and sustainable development to reshape the image of Chinese automobiles [8]. Group 3: Technological Innovations - Chery introduced its "Yaoguang" technology strategy, which encompasses five major technological fields, including electrification and AI, aiming to enhance its global innovation system [13][14]. - Key technological advancements include the launch of the Kunpeng Tianqing engine with a 48% thermal efficiency, surpassing the industry standard of 38%-45% [16]. - The company unveiled the Flying Fish chassis and the Ark amphibious system, showcasing innovations in electric drive and safety technology [18][28]. Group 4: Global Expansion and R&D - Chery plans to establish 26 overseas R&D centers in the coming years to enhance local market competitiveness and meet regulatory requirements [32]. - The newly established Global Technology Innovation Center will include multiple overseas research institutes, aiming to create a collaborative innovation network with over 30,000 R&D personnel [34].

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, marking the largest IPO of a car company in Hong Kong this year, with a final offer price of HKD 30.75 and net proceeds of approximately HKD 88.793 billion [1][2]. Group 1: IPO Details - The IPO raised approximately HKD 84.41 billion, with 35% allocated for R&D of various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, and 10% for enhancing production facilities in Wuhu, Anhui [2]. - The stock opened with a gain of over 10%, reaching an opening price of HKD 34.2 and a current price of HKD 34.5, reflecting a 12.2% increase and a total market capitalization of HKD 199.3 billion with a P/E ratio of 11.51 [1]. Group 2: Financial Performance - In 2024, Chery's total sales exceeded 2.6 million units, a year-on-year increase of 38.4%, with overseas exports reaching 1.1446 million units, leading the Chinese brand passenger car export rankings [3]. - Revenue grew from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with Q1 2025 revenue at CNY 68.223 billion, maintaining a year-on-year growth of 24.25% [3]. - Net profit surged from CNY 5.806 billion in 2022 to CNY 14.334 billion in 2024, with Q1 2025 net profit reaching CNY 4.726 billion, a year-on-year increase of 90.87% [3]. Group 3: Historical Context - Chery's journey to IPO spanned 21 years, marked by multiple attempts and challenges, including ownership disputes and regulatory hurdles, with the first attempt in 2004 and the successful listing in 2025 [4][5]. - The company faced significant obstacles, including the global financial crisis in 2008 and issues related to shareholder structure, which delayed its IPO plans [4][5]. Group 4: Global Expansion and Strategy - Chery has been a leader in exports, with over 13 million vehicles sold globally and a presence in over 100 countries, achieving significant sales in Europe, South America, and the Middle East [6]. - The company plans to allocate 20% of the IPO proceeds for overseas market expansion and global strategy execution, indicating a focus on increasing its international market share [6]. Group 5: Internal Reorganization and Future Challenges - Chery has undertaken internal restructuring to streamline operations, including the establishment of a unified smart driving brand and the integration of various technology divisions [7]. - Despite strong performance, Chery faces challenges in the electric vehicle sector, with its EV revenue share increasing from 13.2% in 2022 to 29.3% in 2025, still below the industry average of 45% [7].

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2023, marking the largest IPO of a car company in Hong Kong this year, with a final offering price of HKD 30.75 and net proceeds of HKD 88.793 billion [1][2] Fundraising and Utilization - The net proceeds from the IPO are approximately HKD 84.41 billion, with planned allocations: 35% for R&D of various passenger car models, 25% for next-generation vehicles and advanced technology, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, and 10% for working capital and general corporate purposes [2] - The IPO received strong market response, with cornerstone investors subscribing a total of USD 587 million (approximately HKD 45.73 billion) [2] Financial Performance - In 2024, Chery's total sales exceeded 2.6 million units, a year-on-year increase of 38.4%, with overseas exports reaching 1.1446 million units, leading the Chinese brand passenger car export rankings [3] - Revenue grew from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with Q1 2025 revenue at CNY 68.223 billion, maintaining a year-on-year growth of 24.25% [3] - Net profit rose from CNY 5.806 billion in 2022 to CNY 14.334 billion in 2024, with Q1 2025 net profit reaching CNY 4.726 billion, a year-on-year increase of 90.87% [3] Historical Context - Chery's journey to IPO has been lengthy, spanning 21 years with multiple attempts hindered by various challenges, including complex equity relationships and macroeconomic changes [4][5] - The company faced numerous setbacks in its IPO attempts, including the 2008 global financial crisis and regulatory issues, which delayed its market entry [5] Global Expansion and Strategy - Chery has been a leader in exports, with over 13 million vehicles sold globally and a presence in over 100 countries [6] - The company plans to allocate about 20% of the IPO proceeds for overseas market expansion and global strategy execution, indicating a focus on increasing its global market share [6] Organizational Changes - Chery has undertaken significant internal restructuring to streamline its operations, including the establishment of a unified smart driving brand and the formation of a centralized intelligent technology center [7] - Despite strong performance, Chery faces challenges in the electric vehicle sector, with its EV revenue share increasing from 13.2% in 2022 to 29.3% in the first eight months of 2025, still below the industry average of 45% [7] Conclusion - The successful IPO marks a significant milestone for Chery, positioning the company for a more standardized and internationalized development path, enhancing its competitiveness in the global automotive industry [8]

Core Viewpoint - The recent introduction of the "Automobile Industry Stabilization Growth Work Plan (2025-2026)" allows for conditional approval of L3 autonomous vehicle production, signaling a significant step towards the commercialization of L3 autonomous driving technology in China [1][10]. Industry Developments - The automotive industry is gearing up for the launch of L3 autonomous vehicles, with several companies, including XPeng Motors and GAC Group, planning to release L3 models by the end of this year [3][4]. - Various automakers have announced their timelines for L3 technology, with GAC Group stating it will mass-produce its first L3 vehicle in Q4 of this year, while other companies like Chery and Huawei are also targeting similar timelines for their L3 offerings [3][4][5]. Technical Challenges - Despite advancements, the rollout of L3 technology faces challenges related to infrastructure, regulatory frameworks, and the definition of responsibility in case of accidents [2][6][11]. - Experts emphasize that L3 technology requires extensive testing and validation to ensure safety and reliability before widespread consumer adoption [5][7]. Regulatory Framework - The Ministry of Science and Technology has issued ethical guidelines for the development of autonomous driving technologies, clarifying the responsibilities of drivers and systems under different levels of automation [6][10]. - Local governments are actively working on regulations to support the testing and deployment of L3 vehicles, with over 50 cities having introduced pilot policies or local regulations for autonomous driving [14]. Consumer Implications - The transition from L2 to L3 autonomous driving represents a significant shift in consumer experience, moving from driver assistance to full vehicle control under specific conditions [6][7]. - The cost of L3 vehicles is expected to be higher than L2 models due to advanced hardware and safety features, which may affect consumer adoption [15]. Future Outlook - Industry experts predict that 2030 will be a critical period for the large-scale application of L3 and L4 autonomous driving technologies, with expectations for rapid advancements in the coming years [16].

Core Viewpoint - The introduction of the "Automobile Industry Stabilization Growth Work Plan (2025-2026)" allows for conditional approval of L3 autonomous vehicle production, indicating a significant step towards the commercialization of L3 autonomous driving technology in China [1][2][4]. Summary by Sections L3 Autonomous Driving Technology - L3 autonomous driving allows drivers to completely disengage from vehicle control under specific conditions, although they must be ready to take over at any moment [2][10]. - The technology is expected to be commercially available by the end of 2023, with several automakers planning to launch L3 vehicles [4][6][7]. Industry Developments - Companies like XPeng Motors, GAC Group, and Chery are set to release L3 autonomous vehicles within the next year, with significant advancements in hardware and software required for these models [5][6][8]. - The automotive industry is experiencing a competitive race to develop and market L3 autonomous vehicles, with expectations for consumer availability in the fourth quarter of 2023 [4][24]. Challenges and Concerns - Experts highlight that the technology still requires extensive validation, and issues such as infrastructure readiness and liability definitions remain significant challenges [2][9][16]. - The operational design domain (ODD) for L3 vehicles will initially be limited to specific conditions, necessitating further testing and regulatory frameworks to ensure safety [17][22]. Regulatory and Safety Framework - The Ministry of Science and Technology has issued guidelines clarifying the responsibilities of users and autonomous systems in L3 and L4 driving scenarios [10][15]. - Local governments are actively working on regulations to support the deployment of L3 technology, with over 50 cities having introduced relevant policies [22]. Market Implications - The anticipated higher costs of L3 vehicles compared to L2 models may deter some consumers, but the regulatory changes are expected to enhance consumer trust and stimulate market demand [24][25]. - The shift towards L3 technology is seen as a potential growth driver for the automotive industry, with predictions of rapid advancements in autonomous driving capabilities over the next decade [24][25].